Manny Pacquiao has agreed to his side of the terms for a May 2 fight with Floyd Mayweather Jr., the Filipino fighter’s promoter, Bob Arum, and his adviser, Michael Koncz, have informed RingTV.com.

“I just talked to Bob five minutes ago, and with what was presented by the representatives of Floyd Mayweather, we’ve agreed to all of the terms,” said Koncz, referring to a deal Pacquiao previously said he expected to be announced “before the end of this month.” “We’ve agreed to our side, so now we’re waiting for Floyd to sign off on it.”

A Jan. 9 report in The Los Angeles Times indicated that Pacquiao (57-5-2, 38 knockouts) was agreeable to the demands of Mayweather (47-0, 26 KOs) of a 60-40 split of the purse in favor of the undefeated fighter, although no final agreement had been made.

The Los Angeles Times also reported that Mayweather and Pacquiao have agreed to fight at The MGM Grand in Las Vegas, as well as on a drug-testing protocol.

“People want to see this fight, people have talked about this fight, people have asked when they’re going to see this fight happen,” said Arum. “People have always been interested in this fight happening. Should it have happened four or five years ago? Yes, maybe. But better late than never.”

Neither Arum nor Koncz would confirm the details of the agreement, but a date was mentioned.

“We’ve agreed to the terms, and once Floyd signs off, then the fight is on May 2. We can’t discuss any of the terms,” said Koncz. “I can’t discuss what went on during our conversation. All that I can disclose is that we’ve agreed with Floyd representative, and that now we’re waiting for Floyd.”

“The ball will drop at midnight to usher in 2015,” read a Dec. 31 message Pacquiao’s Twitter account. “@Floyd Mayweather, let’s not not drop the ball on fighting each other next year! #LetsMakeFistory.”

Mayweather is currently aligned with Showtime, having fought four of six bouts stipulated by a multimillion-dollar agreement he signed with the network and its parent company, CBS Corporation.

Officials from Showtime and HBO, the latter of which has televised most of Pacquiao’s fights, have reportedly discussed a joint venture between the networks similar to that which facilitated the fight between Lennox Lewis and Mike Tyson in June 2002.

Lewis scored an eighth-round stoppage victory over Tyson in the bout. Lewis and Tyson were affiliated with HBO and Showtime, respectively, at the time. Key aides are reportedly working for Mayweather and Pacquiao, with CBS Corporation Chief Executive Leslie Moonves bringing the two sides together.

Asked which network Mayweather-Pacquiao would happen on, Arum said, “both,” although he would make no further comment.